I've seen all the posts asking for the best prop firm so I won't even ask. I'd rather hear from those of you that are members of a prop firm and what its been like for you. I have the 5K and I have experience. I'm only doing this to get past the 25K requirement to day trade. I don't need training. Thanks
Are you licensed? Do you intend to get licensed or fill out a U4 and get fingerprinted for a CBSX firm?
Hi James, I am not licensed and if I don't have to be I prefer not to get licensed. I am not sure what a U4 is but I wouldn't have a problem with filling it out and getting finger printed if it would allow me to day trade. Are you a member of a prop firm?
You want to get to $25K to day trade. You have $5K. You say you have experience and don't need training. Uhhhh, why then do you NOT have your account at, or above $25K? Not flaming you but why do people come on here with next to no $$$$ and claim to be experienced? Where's the supposed profits gone? My suggestion to you is go get a job and save up another $20K or trade short term retail to get to $25K. Why get licensed and trade prop to make a few $$ and then go retail? PS I started in 1996 with All-Tech, retail with $90K. I just don't get it .. people who want to trade for a living yet have next to no $$$ to trade with. Do think you can open a restaurant with a $5K investment?
DarkTrades, Here's a link found on many threads. It will help in your due diligence process. http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html Experiences are subjective, so one may be trading with "Firm A" for specific reasons and another may be trading at "Firm B" for other reasons. Things to consider are: Platforms, buying power, commission rates, fees, risk parameters, firm history and stability, payout structure, etc. If it's a CBSX firm, then as the other post mentioned, it will require a U4 (paperwork) and fingerprints (background check).
Not sure why you've decided to write a multi paragraph rant when you have no clue as to my circumstances, finances, and experience but I can only guess that it's because you care. So maybe someone else will read this and benefit but it certainly does not apply to me.
Thanks for the link. Although the blog entry dates back to 2007 the comments are as recent as August 2010. Good info there.
You have a measly $5K and you claim to be BOTH experienced and not needing training. LOL. If you had experience and required no trading you'd have a hell of a lot MORE than $5K to put up. Oh yeah, you're not licensed and you wanna trade prop. Hahaha. Profitable traders make $$$$$. Those who are not profitable have minimal $$ to put up.
It's easy to demoralize people when you can hide behind your keyboard and never have to worry about being exposed yourself. You talk about profitable traders but I doubt from your attitude that you would know anything about being profitable. I'm sure you'll decline and even make an excuse, but why not back up all that gum flapping you like to do with the over 1,200 posts you've made here by posting your trades in realtime. Open an account on UPDOWN.COM or some other place and post a link to your profile here so everyone can see what a fraud you are. In fact, I'll open one up as well so everyone can see how you compare to a newbie.
Darktrade, come back in five years and read your posts, DHOHHI is making a rock solid observation and is right, but I dont post enough so dont listen to me, good luck